Demonstrações financeiras detalhadas de Hilltop Holdings Inc. (HTH): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Hilltop Holdings Inc. registou receitas de $1.63B no último exercício, com um CAGR de 5 anos de -5.5%. O lucro líquido atingiu $165.6M, com CAGR de 5 anos de -18.0%.
Margens dos últimos 12 meses: margem bruta 79.8%, margem operacional 13.5%, margem líquida 10.2%.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $1.65B | $1.63B | $1.39B | $1.61B | $2.16B | $1.85B | $1.35B | $1.50B | $1.54B | $1.63B |
| Custo da Receita | $99.0M | $99.7M | $146.4M | $178.9M | $218.8M | $48.8M | $140.4M | $389.9M | $419.5M | $350.7M |
| Lucro Bruto | $1.55B | $1.53B | $1.25B | $1.43B | $1.94B | $1.80B | $1.21B | $1.11B | $1.12B | $1.27B |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $1.01B | $1.02B | $848.0M | $925.2M | $1.06B | $1.01B | $773.7M | $678.3M | $687.1M | $812.2M |
| Despesas Operacionais | $1.32B | $1.28B | $1.09B | $1.15B | $1.38B | $1.30B | $1.06B | $964.6M | $967.4M | $1.05B |
| Lucro Operacional | $231.4M | $243.3M | $155.0M | $282.7M | $564.4M | $504.1M | $156.1M | $149.1M | $154.3M | $221.1M |
| EBITDA | $181.6M | $229.4M | $149.7M | $281.2M | $586.3M | $528.7M | $188.8M | $168.7M | $174.2M | $236.8M |
| Despesas com Juros | $58.4M | $85.4M | $141.3M | $171.7M | $122.3M | $107.0M | $132.1M | $371.5M | $418.6M | $343.3M |
| Lucro Antes de Impostos | $231.4M | $243.3M | $155.0M | $282.7M | $564.4M | $504.1M | $156.1M | $149.1M | $154.3M | $221.1M |
| Imposto | $83.5M | $110.1M | $34.2M | $63.7M | $133.1M | $118.0M | $36.8M | $31.1M | $31.0M | $49.0M |
| Lucro Líquido | $145.9M | $132.5M | $121.4M | $225.3M | $447.8M | $374.5M | $113.1M | $109.6M | $113.2M | $165.6M |
| LPA | $1.48 | $1.36 | $1.28 | $2.44 | $4.59 | $4.64 | $1.61 | $1.69 | $1.74 | $2.64 |
| LPA Diluído | $1.48 | $1.36 | $1.28 | $2.44 | $4.58 | $4.61 | $1.60 | $1.69 | $1.74 | $2.64 |
| Ações em Circulação (Diluídas) | $98.6M | $97.4M | $95.1M | $92.4M | $89.3M | $81.2M | $70.6M | $65.0M | $65.0M | $62.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $418.1M | $411.2M | $372.7M | $389.0M |
| Lucro Bruto | $332.7M | $322.1M | $298.7M | $316.8M |
| Lucro Operacional | $60.8M | $53.1M | $50.4M | $50.0M |
| EBITDA | $64.5M | $56.1M | $52.2M | $50.0M |
| Lucro Líquido | $45.8M | $41.6M | $37.8M | $36.5M |
| LPA | $0.74 | $0.69 | $0.64 | $0.63 |
| LPA Diluído | $0.74 | $0.69 | $0.64 | $0.63 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $669.4M | $487.0M | $644.1M | $433.6M | $1.06B | $2.82B | $1.58B | $1.86B | $2.30B | $1.23B |
| Investimentos de Curto Prazo | $598.0M | $744.3M | $875.7M | $911.5M | $1.46B | $2.13B | $1.66B | $1.51B | $1.40B | $1.96B |
| Contas a Receber | $1.50B | $1.46B | $1.44B | $1.78B | $1.40B | $1.67B | $1.04B | $1.57B | $1.45B | 0 |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $2.77B | $2.72B | $2.96B | $3.13B | $3.93B | $6.63B | $4.28B | $4.94B | $5.15B | $1.23B |
| Imobilizado | $190.4M | $177.6M | $237.4M | $324.7M | $317.4M | $316.8M | $287.4M | $257.4M | $238.8M | $316.7M |
| Ágio | $251.8M | $251.8M | $291.4M | $267.4M | $267.4M | $267.4M | $267.4M | $267.4M | $267.4M | $267.4M |
| Ativos Intangíveis | $44.7M | $36.4M | $38.0M | $82.2M | $164.1M | $102.3M | $112.1M | $105.1M | $12.4M | $5.6M |
| Ativos Totais | $12.74B | $13.37B | $13.68B | $15.18B | $16.94B | $18.69B | $16.27B | $16.47B | $16.27B | $15.84B |
| Contas a Pagar | $1.35B | $1.29B | $1.29B | $1.61B | $1.37B | $1.48B | $966.5M | $1.43B | $1.33B | $1.52B |
| Dívida de Curto Prazo | $1.59B | $1.45B | $1.20B | $1.55B | $811.8M | $997.7M | $1.02B | $934.9M | $891.3M | $706.9M |
| Passivos Circulantes | $10.00B | $10.72B | $11.03B | $12.18B | $13.42B | $15.29B | $13.31B | $13.43B | $13.29B | $5.07B |
| Dívida de Longo Prazo | $365.4M | $262.4M | $247.5M | $244.6M | $412.8M | $346.2M | $346.7M | $347.1M | $347.7M | $148.6M |
| Passivos Totais | $10.86B | $11.46B | $11.71B | $13.05B | $14.59B | $16.14B | $14.20B | $14.32B | $14.05B | $13.65B |
| Reservas | $295.6M | $384.5M | $466.7M | $644.9M | $986.8M | $1.26B | $1.12B | $1.19B | $1.25B | $1.27B |
| Patrimônio Líquido | $1.87B | $1.91B | $1.95B | $2.10B | $2.32B | $2.52B | $2.05B | $2.12B | $2.19B | $2.17B |
| Dívida Total | $1.96B | $1.72B | $1.44B | $1.90B | $1.35B | $1.47B | $1.50B | $1.39B | $1.35B | $926.8M |
| Dívida Líquida | $688.7M | $483.8M | -$76.4M | $558.1M | -$1.17B | -$3.48B | -$1.74B | -$1.98B | -$2.35B | -$2.27B |
| Capital de Giro | -$7.24B | -$8.00B | -$8.07B | -$9.06B | -$9.49B | -$8.67B | -$9.03B | -$8.49B | -$8.14B | -$3.83B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $1.28B | $1.23B | $874.2M | $750.5M |
| Ativos Totais | $15.61B | $15.84B | $15.70B | $16.00B |
| Passivos Totais | $13.39B | $13.65B | $13.53B | $13.84B |
| Patrimônio Líquido | $2.19B | $2.17B | $2.14B | $2.13B |
| Dívida Total | $998.8M | $926.8M | $1.31B | $1.58B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $147.9M | $133.1M | $125.7M | $233.0M | $469.7M | $374.5M | $119.3M | $118.0M | $123.2M | $165.6M |
| Depreciação e Amortização | -$49.8M | -$13.9M | -$5.3M | -$1.5M | $21.9M | $24.6M | $32.6M | $19.6M | $19.9M | 0 |
| Compensação em Ações | 0 | $10.8M | $9.1M | 0 | 0 | $17.5M | 0 | 0 | 0 | 0 |
| Variação Capital de Giro | -$17.6M | -$606.2M | -$69.8M | $28.6M | $543.2M | -$620.2M | $99.2M | $245.8M | $107.8M | $17.2M |
| Fluxo de Caixa Operacional | -$161.0M | -$320.7M | $389.5M | -$433.0M | $280.4M | $765.6M | $1.19B | $443.0M | $273.9M | -$78.3M |
| CapEx | -$41.9M | -$31.2M | -$67.7M | -$42.3M | -$37.7M | -$24.8M | -$9.8M | -$8.5M | -$7.1M | -$16.8M |
| Aquisições | 0 | 0 | -$63.2M | 0 | 0 | 0 | 0 | 0 | 0 | $74.9M |
| Recompra de Ações | 0 | -$27.4M | -$59.0M | -$73.4M | -$208.7M | -$123.6M | -$442.3M | -$5.1M | -$19.9M | -$184.0M |
| Dividendos Pagos | -$5.8M | -$23.1M | -$26.7M | -$29.6M | -$32.5M | -$39.0M | -$43.0M | -$41.6M | -$44.3M | -$45.4M |
| Fluxo de Caixa Livre | -$202.9M | -$351.9M | $321.5M | -$475.3M | $242.7M | $740.9M | $1.18B | $434.5M | $266.8M | -$95.1M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $273.0M | -$35.2M | -$127.3M | -$157.5M |
| CapEx | -$2.0M | -$14.1M | -$6.6M | $6.6M |
| Fluxo de Caixa Livre | $271.0M | -$49.3M | -$133.9M | -$150.8M |
| Dividendos Pagos | -$11.2M | -$11.0M | -$11.8M | -$11.6M |
| Compensação em Ações | 0 | 0 | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -1.7% | -14.4% | +15.7% | +34.0% | -14.1% | -27.0% | +11.1% | +2.5% | +5.5% |
| Crescimento Lucro Líquido (anual) | | -9.2% | -8.4% | +85.5% | +98.8% | -16.4% | -69.8% | -3.1% | +3.3% | +46.3% |
| Crescimento LPA (anual) | | -8.1% | -5.9% | +90.6% | +88.1% | +1.1% | -65.3% | +5.0% | +3.0% | +51.7% |
| Variação de Ações (anual) | | -1.3% | -2.3% | -2.8% | -3.3% | -9.1% | -13.0% | -7.9% | +0.0% | -3.6% |
| Crescimento FCF (anual) | | -73.4% | +191.4% | -247.9% | +151.1% | +205.3% | +59.2% | -63.2% | -38.6% | -135.6% |
| Margem Bruta | 94.0% | 93.9% | 89.5% | 88.9% | 89.9% | 97.4% | 89.6% | 74.1% | 72.8% | 78.4% |
| Margem Operacional | 14.0% | 15.0% | 11.1% | 17.5% | 26.1% | 27.2% | 11.5% | 9.9% | 10.0% | 13.6% |
| Margem EBITDA | 11.0% | 14.1% | 10.8% | 17.5% | 27.2% | 28.5% | 14.0% | 11.2% | 11.3% | 14.6% |
| Margem Líquida | 8.8% | 8.1% | 8.7% | 14.0% | 20.7% | 20.2% | 8.4% | 7.3% | 7.3% | 10.2% |
| Margem FCF | -12.3% | -21.6% | 23.1% | -29.5% | 11.2% | 40.0% | 87.2% | 28.9% | 17.3% | -5.9% |
| Taxa Efetiva de Imposto | 36.1% | 45.3% | 22.1% | 22.5% | 23.6% | 23.4% | 23.6% | 20.9% | 20.1% | 22.2% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-2.06 | $-3.61 | $3.38 | $-5.14 | $2.72 | $9.13 | $16.70 | $6.68 | $4.10 | $-1.52 |
| Dividendo por Ação | $0.06 | $0.24 | $0.28 | $0.32 | $0.36 | $0.48 | $0.61 | $0.64 | $0.68 | $0.72 |
| Ações em Circulação (Básicas) | $98.4M | $97.1M | $95.0M | $92.3M | $89.3M | $80.7M | $70.4M | $65.0M | $65.0M | $62.7M |
O que olhar em Serviços Financeiros
Asset managers, brokers, fintech, bolsas. Não são bancos — olha AUM, comissões e qualidade do FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — Bons asset managers têm margens >30% pela escalabilidade
- ROE — Serviços financeiros de qualidade têm ROE >15% consistente
- FCF / Net Income — Qualidade do lucro — >90% esperado em negócios leves em capital
- Dívida / Equity — Fintech e brokers com D/E alto são bombas-relógio em crise
- P/E vs próprio 5 anos — Asset managers têm múltiplos estáveis em intervalos conhecidas
- Dividend yield + buybacks — Estes negócios devolvem muito capital — olhar yield total (div + recompras)
Rentabilidade
| Margem bruta | 79.85% |
| Margem operacional | 13.48% |
| Margem líquida | 10.17% |
Saúde financeira
| Dívida / Patrimônio | 0.74 |
| Liquidez corrente | 0.61 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 20.14 | 18.62 | 13.93 | 10.22 | 5.99 | 7.57 | 18.64 | 20.83 | 16.45 | 12.86 |
| P/VP | 1.57 | 1.29 | 0.87 | 1.09 | 1.06 | 1.12 | 1.03 | 1.08 | 0.85 | 0.98 |
| P/V | 1.77 | 1.51 | 1.22 | 1.43 | 1.14 | 1.53 | 1.56 | 1.52 | 1.21 | 1.31 |
| Margem Bruta | 94.0% | 93.9% | 89.5% | 88.9% | 89.9% | 97.4% | 89.6% | 74.1% | 72.8% | 78.4% |
| Margem Operacional | 14.0% | 15.0% | 11.1% | 17.5% | 26.1% | 27.2% | 11.5% | 9.9% | 10.0% | 13.6% |
| Margem Líquida | 8.8% | 8.1% | 8.7% | 14.0% | 20.7% | 20.2% | 8.4% | 7.3% | 7.3% | 10.2% |